What is the Difference Between Will & Estate Planning?

When it comes to securing your assets and ensuring your wishes are honored after your passing, understanding the distinction between a will and estate planning is essential. A will is a legal document that outlines how you want your assets distributed and who will care for your minor children. Estate planning, on the other hand, is a comprehensive process that involves preparing for the management and disposal of your estate during your life and after your death. Estate planning encompasses various tools, including wills, trusts, powers of attorney, and health care directives, to ensure your wishes are carried out comprehensively and your loved ones are protected.

How Do You Begin to Plan for Inheritance?

Starting your inheritance planning involves several key steps:

Assess Your Assets: Take an inventory of all your assets, including property, investments, bank accounts, personal belongings, and any business interests.

Determine Your Beneficiaries: Decide who you want to inherit your assets. This could include family members, friends, or charitable organizations.

Consider Your Wishes: Think about how you want your assets distributed and any specific instructions you have for your estate.

Consult an Estate Attorney in Columbia, MD: Seeking professional advice is crucial to ensure your plan is legally sound and aligns with Maryland laws.

Draft the Necessary Documents: Work with your attorney to draft your will, establish any trusts, and create other essential documents.

Review and Update Regularly: Your circumstances and laws may change, so it’s important to review and update your plan periodically.

What Does the Process of Will & Estate Planning from Start to Finish Look Like?

Creating a will and comprehensive estate plan involves several detailed steps. Here’s a step-by-step look at the process:

Initial Consultation: Meet with an estate attorney in Columbia, MD, to discuss your goals, assets, and family dynamics.

Gather Information: Collect information about your assets, liabilities, family members, and any special circumstances.

Drafting Documents:

Will: Outline the distribution of your assets and appoint guardians for minor children.

Trusts: Create trusts to manage and protect assets for beneficiaries.

Power of Attorney: Designate someone to make financial decisions on your behalf if you become incapacitated.

Health Care Directive: Specify your medical care preferences.

Review and Revise: Go over the drafted documents with your attorney, making any necessary revisions.

Signing and Witnessing: Sign the documents in the presence of witnesses and, if required, a notary.

Storing Documents: Keep your original documents in a safe place, and provide copies to your attorney and trusted family members.

Periodic Review: Regularly review and update your estate plan to reflect any changes in your life or the law.

Is a Lawyer Required for a Will in the State of Maryland?

While it is not legally required to hire a lawyer to draft a will in Maryland, having an experienced estate attorney whether you live in Columbia or anywhere in Maryland, can provide invaluable benefits. Our law firm will ensure that your will complies with Maryland laws, helping to avoid common mistakes, and provide peace of mind that your wishes will be honored. Our attorneys can also assist with complex estates and offer advice on minimizing taxes and legal challenges.

What Important Requirements Should I Know About Will & Estate Planning as a Maryland Resident?

As a Maryland resident, there are several important requirements to consider in will and estate planning:

Legal Age: You must be at least 18 years old to create a legally binding will.

Mental Capacity: You must be of sound mind, understanding the extent of your assets and the implications of your decisions.

Witnesses: Your will must be signed by at least two credible witnesses who are not beneficiaries.

Executor Appointment: You need to appoint an executor who will be responsible for managing your estate and ensuring your wishes are carried out.

Compliance with State Laws: Your estate plan must comply with Maryland state laws to be valid.

By understanding these key aspects and working with an experienced estate attorney like Jayson A. Soobitsky, you can create a comprehensive estate plan that ensures your assets are protected and your wishes are fulfilled.

Call Now; Don’t Wait Any Longer

We pride ourselves on our ability to be empathetic and relatable. Everyone has to deal with getting older. Our firm will do what we can to protect your assets. Call our office in Columbia at 443-583-5260 to schedule a free consultation today. You can also fill out our online contact form.